Kaine creates state employee loan program

Virginia’s state government is helping its employees weather the recession.

Gov. Timothy M. Kaine announced Monday the creation of the Virginia State Employee Loan Program. Under the plan, employees could receive six-month loans of $100 to $500 with an annual percentage rate of 24.99 percent. Loan recipients would be required to take an online financial fitness course and exam.

The program is open to state employees who are members of the Virginia Credit Union.

The pilot program is a partnership between Virginia Credit Union and the Commonwealth of Virginia Campaign (CVC). The CVC raises money from state employees for charitable causes.